Principal Financial Group Inc. Increases Position in Tennant Company (NYSE:TNC)

Principal Financial Group Inc. grew its position in shares of Tennant Company (NYSE:TNC - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 104,690 shares of the industrial products company's stock after buying an additional 3,370 shares during the quarter. Principal Financial Group Inc. owned 0.56% of Tennant worth $8,349,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of TNC. Millennium Management LLC raised its holdings in shares of Tennant by 143.6% in the 4th quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock worth $37,735,000 after purchasing an additional 272,858 shares during the period. Norges Bank bought a new stake in shares of Tennant in the 4th quarter worth approximately $10,417,000. Deprince Race & Zollo Inc. bought a new stake in shares of Tennant in the 4th quarter worth approximately $10,390,000. Vision One Management Partners LP bought a new stake in shares of Tennant in the 4th quarter worth approximately $9,262,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Tennant by 204.4% in the 4th quarter. JPMorgan Chase & Co. now owns 148,070 shares of the industrial products company's stock worth $12,072,000 after purchasing an additional 99,423 shares during the period. Institutional investors own 93.33% of the company's stock.

Tennant Stock Performance

TNC stock traded down $0.87 during midday trading on Wednesday, reaching $79.80. 95,747 shares of the company's stock traded hands, compared to its average volume of 145,564. The company has a 50-day moving average price of $76.69 and a two-hundred day moving average price of $79.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.40 and a current ratio of 2.14. Tennant Company has a 52 week low of $67.32 and a 52 week high of $110.45. The firm has a market capitalization of $1.49 billion, a PE ratio of 22.29 and a beta of 1.05.

Tennant (NYSE:TNC - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, missing analysts' consensus estimates of $1.38 by ($0.26). Tennant had a net margin of 5.40% and a return on equity of 17.76%. The firm had revenue of $290.00 million for the quarter, compared to analysts' expectations of $296.63 million. During the same quarter last year, the firm earned $1.49 earnings per share. The firm's revenue for the quarter was down 6.8% on a year-over-year basis. As a group, equities analysts anticipate that Tennant Company will post 5.89 EPS for the current year.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.48%. The ex-dividend date was Friday, May 30th. Tennant's dividend payout ratio (DPR) is 32.96%.

Tennant Profile

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.